Is China a long term problem for Bitcoin?

[DrBitcoin]

For starters, I just bought some Bitcoin at $390. My gut says it is going lower though, but this is NOT a speculation thread. My question is regarding China.

It's clear that right now, Bitcoin's price is being slammed because all of the rulings coming out of China. These days, so goes China...so goes the world economy. We need China's money in Bitcoin to keep the price per coin up and make it palatable to the world economy.

So if China hasn't outright banned Bitcoin, will it be possible in the next few months or years for Chinese money to flow into the system despite a ban on Chinese exchanges and businesses accepting Bitcoin. Can the Chinese people find alternative ways to invest their money in Bitcoins? Will they?

My hope is that as businesses begin to adopt Bitcoin as a form of payment, China will eventually reverse some of its strict rulings. Perhaps a change in their government, or just a change in public perception. But this is a big what if.

[atp1916]

Why do people think China has all the world's $$$?

Bitcoin doesn't need China and its speculators.

Carry on.

[Bit_Happy]

We do not need China at all for BTC growth.
Big VC $$$ is pouring into Bitcoin companies, and at this point China activity is no longer vital.
The market could recover quickly.

[atp1916]

We do not need China at all for BTC growth.
Big VC $$$ is pouring into Bitcoin companies, and at this point China activity is no longer vital.
The market could recover quickly.

Correct.

No heavy hitter in his/her right mind is going to buy/invest to get dumped on.  This is why there is no serious buy support.

China ain't Wall Street - no bailout for them.  

[DrBitcoin]

We do not need China at all for BTC growth.
Big VC $$$ is pouring into Bitcoin companies, and at this point China activity is no longer vital.
The market could recover quickly.

Correct.

No heavy hitter in his/her right mind is going to buy/invest to get dumped on.  This is why there is no serious buy support.

China ain't Wall Street - no bailout for them.  

Please explain your comments further. They interest me, but I don't understand them. Thanks.

[whtchocla7e]

We do not need China at all for BTC growth.
Big VC $$$ is pouring into Bitcoin companies, and at this point China activity is no longer vital.
The market could recover quickly.

Wow, you're quiet an expert. China is only the largest economy in the world.

[DrBitcoin]

We do not need China at all for BTC growth.
Big VC $$$ is pouring into Bitcoin companies, and at this point China activity is no longer vital.
The market could recover quickly.

Wow, you're quiet an expert. China is only the largest economy in the world.

I agree with you (sarcasm notwithstanding). I thin China is VERY important for any market these days. Be it Apple or Bitcoin.

Economists are always talking about "emerging markets" and "growth in China."  I don't think Bitcoin is immune to this.

[Bit_Happy]

We do not need China at all for BTC growth.
Big VC $$$ is pouring into Bitcoin companies, and at this point China activity is no longer vital.
The market could recover quickly.

Wow, you're quiet an expert. China is only the largest economy in the world.

China is only the largest economy in the world.
No, the USA still is....Google it if you need more info.

[Abdussamad]

China is likely the first among many developing countries to ban bitcoin. Foreign exchange is very valuable in developing countries so governments are not going to allow the unfettered outflow of forex.

It's funny how Americans talk about how bitcoin is for the unbanked billions in third world countries and then also talk about how we don't need China. You can't have it both ways.

[practicaldreamer]

Pure speculation on my part - but I believe China/Russia have long term plans to oust the USD as the worlds reserve currency and they have no plans on the replacement being BTC.

That being the case the Chinese could well view BTC as a threat (albeit a slight threat at the minute) - I'm beginning to think the US has the most to gain from BTC adoption.

[SirWilliam]

When the whole China issue is past us, a few weeks max, the focus will be back on innovation, acceptance and regulation and the sailing will be clear. Longterm, when China eventually allows Bitcoin, after it has become mainstream in the West, China will be a HUGE positive and will pump up the market and price like it did the first time.

[LiteCoinGuy]

bitcoin bans china.

[Tripjammer]

We don't need china and we don't need Russia for bitcoin to go mainstream and succeed.

Once we get over china and Russia government hate towards bitcoins and cryptocurrencies...they will all explode in value. We only have a few months to go. Get really and load up on all the good coins and hold and wAit!

Good times are rolling on us fast!

[allthingsluxury]

Bitcoin will carry on.

[hilariousandco]

No, China is not the world. Some other country could come along that ushers in a massive adoption plus many other scenarios.

[franky1]

summary of the link at the bottom
as of the 14th, chinese will use the new bank details for depositing into exchange, as the old details wont be accepted after the 18th. giving 4 days grace for people that accidently use the old bank deposit details

https://bitcointalk.org/index.php?topic=564120.msg6157475#msg6157475

[kokojie]

We do not need China at all for BTC growth.
Big VC $$$ is pouring into Bitcoin companies, and at this point China activity is no longer vital.
The market could recover quickly.

Wow, you're quiet an expert. China is only the largest economy in the world.

China is only the largest economy in the world.
No, the USA still is....Google it if you need more info.

No China is the largest, if we only counting industrial GDP. China has been #1 industrial GDP for a while now. US has a lot of garbage service sector GDP. For example, getting a basic haircut in China cost $1, while in the US cost $10. Service GDP are worthless.

[hypostatization]

As long as the community continues to fixate on China, it will remain a problem. Bitcoin is not lacking options for expansion.

China is resistant to change, and will change as need arises. I am more concerned with the rest of the world.

Bitcoin needs to refocus as a community.

[LosMiner]

If China is ousting their banks to not do business with Bitcoin, then I must agree that is a huge blow to Bitcoin.  I think we do need China right now.  If not, then we need the interest of other countries including our own to get the word out about Bitcoin.  It is the only way we are going to keep Bitcoin at a nice/inflated price.

[DarkKnight]

As distasteful as it is, you need only to look at the headlines, the price of BTC/USD and see how important China is. The new coming out of Asia is directly affecting my finances. To me, that makes China important.

That said, I will be glad when they exit the market and bottom hits. Tired of feeling like I missed an opportunity to sell because I get up in the morning and the goddamn price declined $50.  

I don't believe they are a long term problem for BTC. I think Gov'ts are a long term problem for BTC. Recent price moves show just how dependent crypto coin networks are on Gov't cooperation. If the IRS only makes a real, tangible stab at trying to grab their piece, besides an unenforceable announcement, it would kill the money flowing into BTC overnight. It'd be enough to make me close shop. Not because I hate the IRS, but because 15MH/s of GPUs is currently running at a 15% profit margin over costs with the current exchange prices. It's costing me 80% of revenue just in power (depending on the day), and I lose another 5% in fees. If the IRS comes in, I'll be running net negative. Then, what's the point.